Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
Despite Maharashtra's night curfew, weekend lockdown, and now mini lockdown, Corona is not taking
A committee of three ministers each from both states will be formed to resolve the border dispute
Prime Minister Narendra Modi will come to Varanasi on Thursday to lay the foundation stone of the
IND vs SL: Rishabh Pant or Sanju Samson? Gautam faced a serious problem on his first tour.
It will be challenging for the newly appointed head coach of the Indian cricket team, Gautam Gamb
Singer Arijit Singh, who has lent his voice to countless songs like 'Kesariya', 'Satranga',&
Nikita Kaul, the wife of Major Major Vibhuti Shankar Dhoundiyal, who was martyred in the Pulwama
Following the violence in Nagpur, the Maharashtra Cyber Department has identified more than
The retrenchment of employees of Meta in India can start from today i.e. Wednesday. At least two
Pakistan is facing the worst flood ever. The lives of lakhs have been badly affected due to this
Kalki 2898 AD directed by Nag Ashwin is one of the most awaited films of this year. Audiences in
